Hard money loan 4 posts by 4 users

Posted: 08/24/2008 at 06:08AM

there are several hard money lenders out there. BUT you must make sure the numbers work or even they wont lend !!

Posted: 08/26/2008 at 02:56PM

I work part time as an account exec for a hard money lender, and there are a couple things you need to know:
1. Hard money loans are very expensive (think 15% & 5 points)
2. They're usually short term, and always should be, so have an exit strategy for paying the loan off within 3-12 months.
3. They're low LTV (generally 60-65%)
I suggest you establish a relationship with one, as they tend to know the market and industry better than almost anyone else. They can immediately tell a good deal from a bad one, so they're good to bounce ideas off of.
Good luck!
Brian

Edited: 10/03/2008 at 06:16PM by Administrator: Website Promotion REMOVED. Create a signature if you want links to your blog.